SEC Filing Summary: Prudential Financial Inc. (13F-HR)
Business Context and Reporting Period
Reporting Manager: Prudential Financial, Inc.
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Quarter ended March 31, 2008
Submission Date: May 14, 2008
Scope: This report details the long-only equity securities held by Prudential Financial and three included managers (Prudential Investment Management, Inc., Quantitative Management Associates, and Prudential Bache Securities, LLC) over which the firm exercises sole or shared investment discretion.
Key Financial Metrics
Total Portfolio Value: $43,530,795,000.00
Total Number of Holdings: 2,157 securities
Number of Included Managers: 3
Note: As a Form 13F filing, this document reports holdings of equity securities only. It does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics for Prudential Financial itself, nor does it report short positions or derivatives (other than listed options if applicable, though none are explicitly detailed in the summary table provided).
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings as of March 31, 2008. While specific quarter-over-quarter changes are not explicitly calculated in the text, the portfolio demonstrates significant concentration in the following sectors and issuers:
- Financials: Major positions in Citigroup Inc. (~$21.0B value), Bank of America Corp (~$14.0B), Wells Fargo & Co (~$10.5B), and JPMorgan Chase & Co (~$10.9B).
- Technology: Significant holdings in Microsoft Corp (~$29.8B), Intel Corp (~$14.9B), and Cisco Systems Inc (~$14.2B).
- Healthcare: Large positions in Pfizer Inc (~$28.3B), Johnson & Johnson (~$9.6B), and UnitedHealth Group Inc (~$6.3B).
- Energy: Substantial exposure to Exxon Mobil Corp (~$19.8B), Chevron Corp (~$8.5B), and ConocoPhillips (~$6.8B).
The portfolio includes a mix of domestic and international securities, including American Depositary Receipts (ADRs) for companies such as Royal Dutch Shell, Toyota Motor Corp, and Nokia Corp.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in large-cap financial and energy sectors as of Q1 2008 implies exposure to the credit market volatility and oil price fluctuations prevalent during that period.
Unusual Items: The report lists holdings with "Shared" voting authority for certain positions (e.g., Aflac Inc., ADC Telecommunications), indicating co-investment or managed accounts where discretion is shared with other parties.
Key Facts for Investor Verification
- Portfolio Size: Verify the total asset value of approximately $43.5 billion against Prudential's broader balance sheet to understand the proportion of assets under management represented by this specific 13F filing.
- Top Concentrations: Confirm the top 10 holdings (including Microsoft, Pfizer, Citigroup, and Exxon Mobil) to assess sector concentration risk.
- Manager Attribution: Note that the holdings include assets managed by subsidiaries (Prudential Investment Management, Quantitative Management Associates, Prudential Bache Securities), which may have different investment mandates than the parent company's proprietary trading.
- Reporting Lag: Acknowledge that this data reflects positions as of March 31, 2008, and does not account for trading activity in April or May 2008.
- Exclusions: Remember that this report excludes fixed income, cash equivalents, derivatives (unless listed options), and short positions, providing an incomplete picture of the firm's total risk exposure.